To keep consumers safe, the financial services industry in Australia is heavily regulated. As an unfortunate result, heavy compliance measures can hinder any attempts to scale an independent financial practice.
Fortunately, new technologies are emerging in the market to reduce the compliance workload. One such tool is CommPay, a powerful revenue management solution designed to help financial professionals automate time consuming tasks. With tools like CommPay, you can spend more time on the things that matter to your business.
What is CommPay?
CommPay is a complete revenue management solution designed specifically for smaller AFSLs and advice practices. The purpose-built system is flexible and scalable so can grow with your business.
Furthermore, CommPay seamlessly integrates with XPLAN, combining client revenue data with CRM functionality. This allows financial planning firms to make use of the new software in their existing set-up, without the need to learn an entire new system.
CommPay allows financial planners to:
- Manage their revenue statements and regulatory reporting in one simple platform
- Process and reconcile supplier payments and fee-for-service payments
- Match expected revenue to actual, enabling accurate revenue, productivity and profitability reporting
- Manage your own mapping of Revenue Types for detailed analytics and FDS purposes
- Capture all revenue data for New Business, Fees and Ongoing, regardless of the amount
- Export compliant payment files for processing via your preferred bank institution
- Input a variety of revenue sharing splits and remuneration arrangements between advisers, dealers and referral partners
- Enable detailed revenue data to be available in XPLAN for availability to merge into FDS reports
- Manage all billing, invoices and payments through XPLAN
- Export revenue data for import into 3rd party accounting systems
How does CommPay help financial advisers to scale their business?
Manually entering the data required for compliant revenue management takes hundreds of hours per year, and this is time that could better be used to scale your business. The primary benefit of CommPay is that it significantly reduces the time required to administer all areas of revenue management.
CommPay automates the time-consuming task of revenue consolidation and reporting. Simply import files as they are supplied and let CommPay do the heavy lifting to extract the important data. It saves financial advisers and their team hundreds of hours per year and is suitable for use in any financial services environment.
Who Uses CommPay?
CommPay is suitable for advice businesses with stringent reporting requirements and the need for efficient and compliant revenue management. These include:
- Small to medium AFSLs and Licencees
- Salaried advice groups
- Licensees with simplistic reporting needs
- Practices of AFSLs requiring revenue analysis
- Boutique advice practices.
Implementing CommPay into your business
At ComplyX, we have been working closely with CommPay to help our customers integrate the system within their existing processes. Our specialists can set up the fully licensed system for a set fee of between $5,000-10,000 + GST depending on your business needs. We also offer ongoing support, so you can sit back and watch your business grow whilst we take care of system maintenance and compliance.
Our CommPay implementation specialists have a strong understanding of the Australian regulatory environment through our years of providing administrative and compliance support to the financial services industry. Contact us today to find out more about using CommPay to scale your business.